Did your home not sell?
Just like manyhousing markets acrossthe country, the San Francisco Bay Area is experiencing a healthy comeback from the lows of the Great Recession just a few years ago. Unfortunately, this does not mean buyers will come wooing with dream offers for every home on the market.
If you’ve been having a hard time in selling your home, you might want to take a step back and take an objective look at the entire picture.
Here are some of the common reasons for a property not selling:
You priced your home too high.
This is a common mistake, and the number one reason for a home not selling. In coming up with the price, you might have considered how much you’ve invested in your property (including its purchase price and the cost of any renovation) and how much profit you want to make.
Or, perhaps, you want to test the waters and start with a high price, then negotiate down with a buyer.
This is all well and good, but remember that when you overprice your home, you’re risking the chance that buyers will find other properties that have better values. And if a buyer does agree to the higher price, you could still lose the deal if the buyer’s lender gives a lower appraisal of your home.
Pricing your home accurately from the start is very critical. You would need to consider such factors as recent similar sales in your area, as well as market trends and conditions. Your agent can provide you with valuable assistance in this matter.
Your home is not in good condition.
Your home is probably doing a good job of protecting you and your family from the elements, and you believe buyers will be happy with that. Keep in mind, however, that your property will likely be up against similar ones in the area. Any sign of water damage, an unkempt yard or peeling paint could be enough to send buyers scurrying off to the next property.
Most buyers avoid properties that need a lot of renovating or fixing. It would be a good idea to go through your home, preferably with your agent, a home inspector, and a general contractor, to identify areas that might need improvements or repairs.
Expensive renovations can potentially increase your home’s value but they are not always necessary. What’s important is to make sure problem areas are detected and addressed, and that your home is as attractive and move-in ready as possible.
You haven’t adequately marketed your home.
The real estate scene these days is more dynamic than it has ever been. Buyers get a lot of information from the Internet, so it is important to have a strong presence there. Getting your home listed on the MLS and other sites with good traffic will greatly help your selling efforts.
You shouldn’t stop at this, however, especially if your home is in the luxury category.Selling a property involves a comprehensive effort that could include advertising on other channels, such as architecture or interior design publications. Networking can also help.
In advertising your property, excellent photographs are very important. You’d want to make sure your home doesn’t underwhelm nor overwhelm potential buyers. Hire professional real estate photographers who know what buyers look for in photographs of homes for sale.